Emergency funding put in place to support local businesses hard hit by the COVID pandemic, will come to an end on June 20, with applications to be considered due in by 11:59pm on June 19.
A spokesperson for the Bermuda Economic Development Corporation (BEDC) said: “The current phase of the BEDC Covid-19 Emergency Grant Funding Program will come to an end on Sunday June 20th, 2021, a little over two (2) months after its launch on April 14th, 2021.
“Any last applications to be considered for support, of business impacted during the public health restrictions and stay-at-home order during March, April, and May 2021, must be submitted here by 11:59 pm on Saturday June 19th 2021.
“The emergency grants issued are to be used to cover unpaid business expenses within March, April & May including any rent, utilities, social insurance, and health insurance premiums. Reimbursements of any paid expenses within any of the latter four grant categories are not permitted within this grant program.
“As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need. As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need.
“Although the emergency grant will no longer be available after Sunday, June 20th, the BEDC will continue its support of businesses impacted by the Coronavirus Pandemic through entrepreneurship education, webinars, and courses to help businesses learn much-needed skills to pivot, sustain, and continue; and through a range of funding products, that will remain on offer to enable businesses to survive and eventually thrive,” the spokesperson added.
Through “the generous grant from the Bermuda Government in 2020”, BEDC continues to be able to support businesses in need of funding through its various funding products as follows:
- 1 BEDC Covid-19 Combined Loans/Grants – through BEDC
- 2 BEDC Covid-19 Loan Guarantees – through the Banks and the Bermuda Credit Union
- 3 BEDC Covid-19 Overdraft Guarantees – through the Banks
- 4 BEDC Micro loans (increased amounts) – through BEDC
- 5 BEDC Loan Guarantees – through the Banks and the Bermuda Credit Union
“With the variety of funding support products, BEDC is committed to providing options for businesses to consider. Overall, BEDC will continue to develop products within its existing funding capabilities to best leverage the total funding available and assist as many businesses as possible. Business owners will be able to utilize a combination of BEDC financial products, Bank financial products, and financial products from other entities who meet BEDC’s partner requirements to maximize their ability to get the capitalization they need to start, survive, and thrive.
“Full details of all funding programs can be found online at www.bedc.bm. Please feel free to send any queries to email@example.com.”